Gold loses sheen, silver plunges below Rs 36,000

Falling for the tenth straight day, gold prices cracked below the Rs 28,000-mark by losing another Rs 390 per 10 grams at the bullion market on the back of weak overseas cues amid muted demand from local jewellers.

Silver also dropped below the crucial Rs 36,000-mark by tumbling Rs 1,220 per kg on reduced offtake by industrial units.

Globally, gold prices continued to move lower, setting them on track for a fresh four-month low after a solid US jobs report last week backed expectations for higher US interest rates later in the year.

At early trade, gold for August dropped $2.40, or 0.2 per cent, to $1,207.30 an ounce, on a path for a second straight day of losses.

While, silver for September slid 1.2 per cent to USD 15.25 an ounce, adding to a 3.5 per cent loss on Friday.